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Securities Commission of The Bahamas signs on to IOSCO enhanced information sharing agreement

The Securities Commission of The Bahamas (SCB) has signed on to the International Organization of Securities Commissions’ (IOSCO) Enhanced Multilateral Memorandum of Understanding (EMMoU), an enhanced information sharing agreement.

The SCB is now one of only eight securities regulators that have been approved to “fully adopt” the new EMMoU protocol.

EMMoU aims to “keep pace with technological, societal and market developments and to bolster deterrence to better protect investors and the markets”, according to a press statement released by the SCB.

IOSCO’s website explains that the EMMoU allows countries’ securities regulators to obtain and share audit work papers, communications and other information relating to the audit or review of financial statements; compel physical attendance for testimony; freeze assets if possible, or, if not, advise and provide information on how to freeze assets, at the request of another signatory; obtain and share existing internet service provider records (not including the content of communications) including with the assistance of a prosecutor, court or other authority, and to obtain the content of such communications from authorized entities; and obtain and share existing telephone records (not including the content of communications) including with the assistance of a court, prosecutor or other authority, and to obtain the content of such communications from authorized entities.

SCB Executive Director Christina Rolle was in Sydney, Australia for the signing ceremony on Tuesday, which was held during IOSCO’s 44th annual general meeting.

“Other early adopters and signatories to the EMMoU include the British Columbia Securities Commission, the Securities and Futures Commission (Hong Kong), the Ontario Securities Commission, Autorité des Marchés Financièrs (Quebec), the Monetary Authority of Singapore, the Commodity Futures Trading Commission (USA) and the Securities and Exchange Commission (USA),” the release states.

IOSCO’s website explains that the most recent global financial crisis revealed how critical information sharing is in order to keep up with technological advancements and “societal and market developments”.

“For these reasons, IOSCO has now established this Enhanced Multilateral Memorandum of Understanding with the expectation that its signatories will, by availing themselves of new forms of assistance and continuing to provide each other with the fullest assistance permissible, increase the effectiveness of their investigations and the enforcement of their jurisdiction’s laws and regulations, whilst recognizing the rights and privileges afforded to persons in their respective jurisdictions,” IOSCO states on its website.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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